Markets Live: Sensex soars 373 points; Nifty ends at 11,515

The Sensex surged 372.68 points or 0.99 per cent to 38,090.64 and the Nifty climbed 145.3 points or 1.28 per cent to 11,515.20. Intra-day, it shuttled between 11,523.25 and 11,430.55.

The benchmark BSE Sensex stayed in the positive terrain throughout the session and touched a high of 38,125.62. Its previous highest close was on September 7 when it had finished at 38,389.82. The gauge had zoomed 304.83 points on Wednesday.

BSE sectoral indices

 

 

However, the indices closed with losses for the second straight week. The Sensex lost some 300 points, or 0.77 per cent, while the NSE Nifty fell 73.90 points, or 0.64 per cent, during the week.

Sensex gainers, losers

 

Domestic sentiment was buoyed on positive macroeconomic data and strengthening of rupee to 71.52 against the dollar.

The rupee extended its uptrend as the government had on Wednesday assured that all steps would be taken to ensure that the domestic currency does not depreciate to unreasonable levels. Fall in crude oil prices also supported the rupee.

Industrial production grew to 6.6 per cent in July, while retail inflation cooled to a 10-month low of 3.69 per cent in August.

Meanwhile, WPI inflation also eased to a four-month low of 4.53 per cent in August due to softening of prices of food articles, especially vegetables.

Meanwhile, domestic institutional investors had bought shares worth Rs 541.44 crore on Wednesday. However, foreign portfolio investors sold equities to the tune of Rs 1,086.39 crore.

Bullion prices

 

Gold fell Rs 200 to Rs 31,400 per 10 gram at the bullion market owing to weak demand from jewellers and retailers even as the metal strengthened overseas. Silver followed suit and fell by Rs 250 to Rs 37,650 per kg due to reduced offtake by industrial units and coin makers. Read more

Suven gets product patents

 

Suven Life Sciences has been granted a product patent by New Zealand and Sri Lanka corresponding to a new chemical entity for the treatment of disorders associated with neurodegenerative diseases. These patents are valid till 2034 and 2031, respectively. Read more

Shivinder allowed to withdraw petition

 

The National Company Law Tribunal has given a green signal to former Fortis Healthcare promoter Shivinder Singh's plea to withdraw the petition against his elder brother, Malvinder, and former chief of Religare, Sunil Godhwani. Read more

Your Fund Portfolio

 

While choosing to invest for the long term, it is advisable to steer clear of sector or thematic funds. Investing in such schemes will require you to time the markets — a huge challenge for retail investors like you. What may be a favoured theme now may not be so sought-after, or worse, shunned, at other times. Click here to read more

Vedanta stocks spurt over 5%

 

Shares of Vedanta jumped as much as 5.2 per cent to Rs 235.30 as the company has found gas in well A3-2 within its operated block KG-OSN-2009/3 in the Krishna-Godavari Basin, East Coast of India. Vedanta holds 100 per cent participating interest in the block and that the Management Committee, Ministry of Petroleum and Natural Gas and Directorate General of Hydrocarbons have been notified of this hydrocarbon Discovery. At 3 pm local time, the company shares were up 4.74 per cent Rs 234.35 on the BSE.

Domestic shares were trading higher by over 1 per cent on heavy buying in realty, power, metal and PSU stocks amid firm global cues.

 

 

Trading sentiment was buoyed on positive macroeconomic data, strengthening of rupee against the dollar and firm global cues.

The Sensex was up 304.47 points or 0.81 per cent at 38,022.43 and the Nifty up 115.25 points or 1.01 per cent at 11,485.15.

Top five Sensex gainers were Vedanta, PowerGrid, Asian Paints, IndusInd Bank and YES Bank, while the major losers were Infosys, Coal India, Wipro, HUL and Axis Bank.

 

PE investments touch $1.6 bn

 

Private equity sector recorded investments worth $1.6 billion across 50 deals in August, with buyout deals rising two-times in value compared with August 2017. Read more

Investor wealth zooms over Rs 12 lakh cr

 

Investor wealth has surged over Rs 12 lakh crore so far during the 2018-19 fiscal, driven by robust stock market sentiment, during which the BSE benchmark index has soared more than 14 per cent.  Since March 28 this year, the 30-share Sensex has gained 4,749.28 points, or 14.40 per cent, to 37,717.96 as on September 12. Read more

Investors jittery over investments in IL&FS

 

Uncertainty looms on the prospects of 33 debt and hybrid schemes of 12 mutual funds that have pumped ₹2,800 crore into the debt securities of troubled Infrastructure Leasing & Financial Services and its group companies which have been downgraded recently. Click here to read more

Managerial remuneration: 'Shareholders' nod would suffice'

 

The Corporate Affairs Ministry has empowered the common shareholders of a company for deciding the managerial remuneration beyond the laid down individual limits. Read more

Domestic shares were trading higher by nearly one per cent as retail inflation fell to a 10-month low of 3.69 per cent in August compared with 4.17 per cent in the previous month, increasing the likelihood of RBI keeping interest rates on hold in October.

Domestic sentiment was also buoyed as the rupee strengthened to 71.52 after crude prices fell sharply overnight and on firm global cues as the United States and China looked set to launch a new round of trade talks amid an escalating tariff row.

Also, the country's exports climbed 19.2 per cent in August from a year earlier to $37.84 billion.

The Sensex was trading higher by 288.84 points or 0.77 per cent at 38,006.80 and the Nifty up 112.35 points or 0.99 per cent at 11,482.25.

Both indexes have declined 1.3 per cent so far this week, in what could be their biggest weekly fall since the week ended May 18.

Financials accounted for nearly a third of gains, with Housing Development Finance Corp Ltd rising 1.8 per cent, while Indiabulls Housing Finance Ltd added 5.4 per cent, making it the top gainer on the NSE index.

 

“Inflation and export data signalled that the likelihood of a worsening current account deficit has reduced. Inflation was lower than expected despite weakness in the rupee and higher crude oil prices, so the market now thinks there is probably some stability here,” said Sunil Sharma, chief investment officer with Sanctum Wealth Management.

“Market is also taking comfort from the fact that the government is working on measures and are focused on what's happening in the economy,” he said, referring to reports that the government would review economic situations over the weekend.

WPI inflation falls to 4-month low

 

Inflation based on wholesale prices eased to a four-month low of 4.53 per cent in August due to softening of prices of food articles, especially vegetables. WPI inflation stood at 5.09 per cent in July and 3.24 per cent in August last year.  Read more

Sun Pharma gets USFDA nod

 

Sun Pharma and its research arm Sun Pharma Advanced Research Company have announced the USFDA approval for its new drug application of XELPROS, which is used to reduce open-angle glaucoma or ocular hypertension. Read more

Sugar stocks rally 20%

Shares of sugar companies jumped as much as 20 per cent as the government has raised the ethanol price for blending in petrol by 25 per cent. The Cabinet Committee on Economic Affairs has raised the procurement price of ethanol derived from 100 per cent sugarcane juice to Rs 59.13 per litre from the current rate of Rs 47.13. Read more

 

The Sensex was trading up 237.11 points or 0.63 per cent at 37,955.07 and the Nifty up 92.05 points or 0.81 per cent at 11,461.95.

Top five Sensex gainers were Vedanta, YES Bank, PowerGrid, Asian Paints and IndusInd Bank, while the major losers were Infosys, Coal India, HUL, TCS and Wipro.

Except IT and TECk, all other BSE sectoral indices were in the green.

 

 

Bandhan Bank jumps over 4%

 

Shares of Bandhan Bank Ltd jumped as much as 4.4 per cent to Rs 639.70, their biggest intraday percentage gain in over five weeks. Read more

FDC ban: Alkem to take maximum hit

 

Nomura says Alkem Laboratories will take a maximum hit from the government’s decision to ban 328 combination drugs. Read more

NBCC jumps over 5%

Shares of NBCC surged more than 5 per cent as the company said it will buy out 100 per cent government stake in consultancy firm HSCC for Rs 285 crore. Read more

Nifty 50 September Futures (11,492)

 

Nifty 50 futures contract is trading volatile today. The contract opened with a wide 65-point gap-up at 11,482 and surged to an intraday high of 11,505. However, it failed to sustain higher and reversed lower giving back the gains. The contract made a low of 11,466 and has bounced back to the current levels of 11,492. Read more

Pay advance tax and save on interest outgo

 

You must have fulfilled your obligation to the taxman by filing your income tax return by the extended August 31 deadline. But that is not all. The June 15 deadline for paying the first instalment of advance tax for the current financial year is long gone, and the September 15 deadline for the next instalment is around the corner. Click here to read more

Tightening the screws on tax exemption

 

Time and again, we claim various exemptions from taxes provided under various statutes without realising the impact of the exemptions being claimed. However, exemptions can no longer be claimed nonchalantly. Click here to read more

Barring IT and TECk, all other BSE sectoral indices were trading in the green .

 

 

Sensex gainers, losers

Top 10 Nifty gainers, losers

 

The Sensex was trading higher by 231.72 points or 0.61 per cent to 37,949.68 and the Nifty up 93.25 points or 0.82 per cent to 11,463.15 on positive macroeconomic data and strengthening of rupee against the dollar.

Intraday, the BSE index hit 38,058.92 and the NSE index touched 11,469.25.

According to the data released by the Central Statistics Office, industrial production grew to 6.6 per cent in July, while retail inflation cooled to a 10-month low of 3.69 per cent in August.

Domestic sentiment was also buoyed as the rupee recovered by 50 paise to 71.68 against the dollar as the government had on Wednesday assured that all steps would be taken to ensure the domestic currency does not depreciate to unreasonable levels.

As per provisional data, domestic institutional investors had bought shares worth Rs 541.44 crore on Wednesday. However, foreign portfolio investors sold shares worth Rs 1,086.39 crore on Wednesday.

Spot gold edges up to $1,203.55

 

Gold prices edged higher as softer-than-expected US consumer prices data dimmed the case for a faster pace of policy tightening by the Federal Reserve. Spot gold was up 0.2 per cent at $1,203.55 an ounce as of 0108 GMT. Read more

Crude oil claws back some ground

 

Oil clawed back some of its losses from the previous session when prices fell the most in a month, although worries that emerging market crises and trade disputes could dent demand continued to drag. Brent crude was up 23 cents, or 0.3 per cent, at $78.41 a barrel by 0122 GMT, after falling 2 per cent on Thursday. Read more

Dollar sags on weak US data

 

The dollar sagged as weaker-than-expected US inflation data further burdened a currency already weighed down by signs of reduced trade tensions between the United States and China. The dollar's index against a basket of six major currencies stood little changed at 94.563. Read more

BSE sectoral indices

 

NSE sectoral indices

 

Sensex gainers, losers

Top 10 Nifty gainers, losers

Rupee rebounds by 50 paise

 

The rupee strengthened by 50 paise to 71.68 against the dollar in early trade at the interbank forex market as the government had on Wednesday assured that all steps would be taken to ensure that the domestic currency does not depreciate to unreasonable levels. Read more

The Sensex surged 340.96 points to intraday high of 38,058.92 against Wednesday's close of 37,717.96 and the Nifty climbed 100 points to 11,469.25 against the previous close of 11,369.90 as the industrial production grew to 6.6 per cent in July and retail inflation cooled to a 10-month low.

 

According to the data released by the Central Statistics Office, industrial production grew to 6.6 per cent in July, while retail inflation cooled to a 10-month low of 3.69 per cent in August.

Domestic sentiment was also buoyed as the rupee recovered by 50 paise to 71.68 against the dollar as the government had on Wednesday assured that all steps would be taken to ensure the domestic currency does not depreciate to unreasonable levels.

As per provisional data, domestic institutional investors had bought shares worth Rs 541.44 crore on Wednesday. However, foreign portfolio investors sold shares worth Rs 1,086.39 crore on Wednesday.

Bank Nifty

 

Among the call options for the September 19 expiry, the most active in-the-money call option was 26,800-call on Wednesday. The option price ended at Rs 272, down by Rs 3.35 per cent. However, open interest in the contract witnessed an addition of 1.11 lakh shares (an increase of over 1,570 per cent). Read more

Foreign entities may be allowed in commodity markets

 

With an aim to deepen the commodity derivatives market, SEBI is likely to consider a proposal to allow trading in this segment by foreign entities with exposure to the Indian physical commodity market. Besides, the regulator may deliberate on the issue of introducing a common application form for FPIs to enter into the domestic capital market. Click here to read more

New fund offers

 

Four fund houses — UTI, BOI-AXA, Sundaram and Motilal Oswal — have filed draft papers for new fund offers with SEBI.  Click here to read more

 

 

Shares of Dr Reddy's Laboratories jumped as much as 2 per cent to Rs 2,575.35 against the previous close of Rs 2,529.30 as the USFDA has approved its Neostigmine Methylsulfate Injection, USP, a therapeutic equivalent generic version of Bloxiverz Injection.

The Bloxiverz brand and generic had US sales of approximately $111 million for the most recent 12 months ending in July 2018, according to IMS Health. Dr Reddy’s injection will be available in 5 mg/10 ml and 10mg/10 ml multi-dose vials.

Opening Bell

The 30-share BSE opened at 38,017.68, up 299.72 points against the previous close of 37,717.96 and the 50-share NSE opened at 11,471.80, up 101.9 points against the previous close of 11,369.90.

Asian markets

 

Asian shares nudged higher as moves by the United States and China to resolve a bitter trade dispute and a sharp interest rate hike in crisis-hit Turkey supported global risk appetite. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent in early trade, following gains on Wall Street overnight. Read more